Summary:
- Tron (TRX) has launched its first NFT standard dubbed TRC-721
- The NFT standard was launched to allow each token to have its own unique value
- The NFT market on the Ethereum blockchain has been thriving with some tokens fetching 6 figures
The Tron (TRX) network now has its own NFT standard protocol. Yesterday, the team at the Tron Foundation announced the launch of the TRC-721 standard that is specific for Non-Fungible Tokens (NFT) on the network.
According to the official announcement, this new token standard will open ‘huge possibilities for blockchain applications’ as explained below.
Each NFT contains owner ID, rich metadata, safe file links and other identifying information that is recorded in its smart contract. It is this information that makes each NFT unique and unexchangeable.
NFT standards are widely used in different fields of blockchain. It plays a key role in some Layer2 solutions, DApps and projects like tBTC with huge economic value. More and more DeFi projects try to integrate with NFTs to enhance their ecosystems. We believe that standardized NFTs will open up infinite opportunities on TRON as well. That is why we introduced TRC-721.
NFTs on Ethereum Are Thriving
The Tron foundation launching a unique NFT standard comes as no surprise as the Non-Fungible Token marketplace on the Ethereum blockchain has been thriving in a big way. NFT investors have been bidding up to six figures for digital art pieces on the Ethereum blockchain.
Back in mid-November, an Ethereum investor wowed the NFT community by bidding $777,777 for an art collection on the Nifty Gateway marketplace owned by the Gemini exchange. The event was highlighted by the following tweet by the team at Nifty Gateway demonstrating the exciting potential of the NFT marketplace.
THIS SAVAGE JUST BID $777,777 WITH LITERALLY 1 SECOND LEFT
— Nifty Gateway (@niftygateway) December 13, 2020
With the new NFT standard, the Tron (TRX) ecosystem is bound to develop in a similar manner. Investors, developers, collectors and artists will have a chance at utilizing the Tron Network’s efficient speed and lower transaction cost to grow the NFT industry.
